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Iran allocates EUR 500 mm for renewable energy projects

May 05, 2012 12:00 AM

Iranian President Mahmoud Ahmadinejad has approved drawing EUR 500 mm out of the National Development Fund to develop renewable energy projects. Deputy Energy Minister Mohammad Behzad told that the sum will be paid to small developers in the form of loans.

The National Development Fund – which is currently valued at $ 35 bn – was set up by Ahmadinejad’s government last year (March 2011-March 2012) to tap 20 % of oil and gas revenues for social investment. Iran is projected to export as much as 10 bn kWh of electricity in the current calendar year, compared to 8.6 bn kWh in the past year, Behzad said on April 30. He noted that the value of electricity exports has increased by 40 % since the beginning of this year, which began on March 20, in comparison to the year before.

A number of countries, including Pakistan, Turkey, Iraq and Armenia have signed new deals to boost electricity imports from Iran, he said. Behzad said on April 4 that the Energy Ministry had prepared plans to increase electricity generation capacity of national power plants by 5 GW this year. “Over 10,000 MW should be added to the generation capacity of hydroelectric and thermal power plants by August 2013,” he added.

By the end of the Fifth Five-Year Economic Development Plan (2015), Iran will boost its electricity generation capacity by 25 GW to reach 73 GW, Energy Minister Majid Namjou said on February 7. Iran currently exchanges electricity with Turkey, Armenia, Turkmenistan, Azerbaijan, Pakistan, Afghanistan and Iraq.

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